Sunday, August 15, 2010

Further evidence no double dip, just continued depression

When I say the economy is depressed, I mean it psychologically and in the sense that high unemployment appears to be here for a while.  One definition of a depression is a 10 percent decline in real output from peak to trough.  I expect the next collapse of “animal spirits” to complete that. 

Here is more evidence from Michael Panzer of that we can expect consumers to slog on through for a couple of years, producing barely positive real growth (see previous post).

Via:  Daily Finance

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